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The ABL Advisor Deal Tables
SELECTED TRANSACTION DETAILS
BlackRock Provides $200MM Refinancing Term Loan to Root
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Lenders/Participants
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BlackRock [Lender]
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Structure
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Term Loan
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Amount
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$200.000
Million
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Borrower(s)
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Root, Inc.
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Description
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The amended facility consists of a six-year term loan with a principal amount of $200 million, reducing the previous facility by $100 million. The amended facility, effective on October 29th, will carry an interest rate of 3-month term SOFR plus 600 basis points with performance-based step-downs, reflecting a reduction of at least 300 basis points from the prior term loan. Root maintains $150 million of available capital, net of financial covenants under the amended facility, consistent with the prior facility.
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Industry
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Insurance
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Location
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OH
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| Related Tags |
BlackRock, Insurance
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ABL Advisor
Deal Tables
2024
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